The real estate market took a hit during the coronavirus pandemic of 2020. While the world is slowly getting back on its feet, the real estate market bounced back quite rapidly. People realised the importance of having their own place in such a situation and quickly began investing in properties, especially luxury apartments in Chennai.
It can be said with pride that property developers in Chennai have made a far more successful comeback than in other metro cities across India. Anarock property consultants, a real estate service company ran a survey on how real estate development in Chennai differed from real estate development in other cities like Bengaluru, Mumbai, Pune, Hyderabad and Kolkata. On average a luxury apartment in Chennai takes around 4.1 years from start to finish. This is significantly lower than the time taken in the other cities. This itself places Chennai at an advantage as customers can get their dream homes right on schedule even after factoring nature related delays in construction.
In the period between 2013 and the third quarter of 2020, the top 7 cities launched a total of 23 lakh units, of which 34% have been completed. Another 19% will be ready by the end of 2021, and a further 19% in another 2 years. Chennai ranked the highest in successfully completing construction with at least 61% of total inventory, against Bengaluru’s 48% or Hyderabad’s 44%. Chennai also launched over 1.32 lakh new units in the same period.
The Chairman of Tamil Nadu’s CREDAI Chapter, S.Sridharan revealed that Chennai also ranked higher than the other metropolitan cities in compliance. Post pandemic they have been working to maintain strict standards while moving towards completion. Construction experts project that multi storey buildings in Chennai would take 30 to 36 months to complete, even after delays caused by natural factors. The delay is only about 6 to 8 months, setting customer’s minds at rest as they can get their homes completed within a reasonable time period. This could also be due to the fact that builders restrict luxury apartments in Chennai to numbers between 7 and 14 floors. Very few developers go beyond these floor levels. Cities like Mumbai and Delhi are all about vertical development due to the space constraint, and longer delays can be expected in those places.
A high demand for ready to move properties is rising. As more of the ready to move inventory is consumed, home buyers will look to under construction properties to meet their needs. Right now builders with completed unit stock are lucky as there is a huge market for luxury apartments in Chennai. The real estate market within Chennai city is expected to be on the rise, at least for the near future. South Indians being highly religious people, the sale registrations began picking up after the month of Purattasi in 2020. If the builders are able to cope even with the strict pandemic guidelines and deliver the projects quickly, then they would find it even easier once the restrictions are lifted completely.
Real estate development is better than ever and Lifestyle Housing has launched new residential projects in TNagar, Chennai. There are improved additions to make your life at our gated community in TNagar even more comfortable and luxurious. Investing in real estate now is an extremely wise choice with the tax benefits proposed by the government and banks.
